Zhihu Inc. (ZH)

NYSE: ZH · Services-Business Services, NEC · Beijing, CN · filing with the SEC since 2021

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Grade4.9

◀ Past 6.4● Present 4.5▶ Future 4.3

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Zhihu Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.9/10

◀ Past6.425% of the headline

● Present4.535% of the headline

▶ Future4.340% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.4/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

8.0/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 22% of this tense · 80th percentile among 105 sector filers · read for itself

From the record

Zhihu Inc.'s filings since 2021 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.6/10

What has it actually done, year after year?

+26.5% a year over 7 filed years; profitable in 0 of 7.

weight 45% of this tense · 36th percentile among 99 sector filers · read for its customers

From the record

Zhihu Inc.'s 7 filed years say what it did: revenue went from CNY 671 million in fiscal 2019 to CNY 2.7 billion in fiscal 2025, up 26.5% a year; it rose in 4 of 6 years; the deepest fall was 35% from fiscal 2023 to fiscal 2025; net income was positive in 0 of 7 of those years (its annual reports).

What it rests on

revenue growth over the filed span26.5%top 21% of its family
the share of years revenue rosebottom 31% of its family
the share of filed years with a profitbottom 9% of its family
the deepest fall from a revenue peak34.5%bottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

9.3/10

How has it treated the people who own it?

SI estimate 9.3/10, confidence 35 of 100 (one part).

weight 33% of this tense · 93rd percentile among 98 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the top 7% of 98 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 98 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Zhihu Inc.'s shareholder treatment is put at 9.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 7% of 98 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.5/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

6.9/10

Is it financially healthy right now?

ROE -5%: lost 5¢ per shareholder dollar. Leverage 25%: owes 25¢ per asset dollar.

weight 33% of this tense · 69th percentile among 98 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Zhihu Inc. lost about 5 cents for every dollar of shareholders' money, and gross profitability: its products earned about 32 cents per dollar of everything the company owns. Leverage: it owed about 25 cents per dollar of assets, and net share issuance: its share count shrank 12.3% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 13% of its family
return on equitybottom 32% of its family
gross profit against assetstop 39% of its family
the share count against the year beforetop 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.3/10

How strong is its position in its industry?

bottom 23% of 101 in its family; net margin -7.1%.

weight 45% of this tense · 23rd percentile among 101 sector filers · read for its customers

From the record

Zhihu Inc.'s standing among 101 graded names in its industry family: revenue of CNY 2.7 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -7.1% ranks in the bottom 31%; revenue growth of -8.6% a year over the last 3 filed years ranks in the bottom 15% (its annual reports).

What it rests on

net margin-7.1%bottom 31% of its family
three-year revenue growth-8.6%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.3/10

What are the people in charge doing?

SI estimate 5.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 73 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 73 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 73 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Zhihu Inc.'s leadership is put at 5.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 73 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.3/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.3/10

How much room does it have to grow?

top 37% of 99 in its family for room to expand.

weight 33% of this tense · 63rd percentile among 99 sector filers · read for itself

From the record

Zhihu Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of CNY 3.4 billion against no long-term debt tagged leaves 64.9% of its assets as net cash, top 3% of its family; cash from operations less capital spending is -13.3% of revenue (bottom 20%); a gross margin of 59.9% (top 32%); research spending of 19.1% of revenue (top 32%) (its annual report).

What it rests on

cash less debt against assets64.9%top 3% of its family
cash from operations less capital spending against revenue-13.3%bottom 20% of its family
gross margin59.9%top 32% of its family
research spending against revenue19.1%top 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

2.6/10

What could actually drive growth from here?

bottom 26% of 99 in its family for growth drivers.

weight 45% of this tense · 26th percentile among 99 sector filers · read for its customers

From the record

Zhihu Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -8.6% a year over the last three filed years against 26.5% over all 7, slowing (bottom 6% of its family); the newest year grew -23.6% (bottom 7%); research spending grew -11.7% a year (bottom 19%); capital spending grew 22.7% a year (top 27%) (its annual reports). Zhihu Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-35.1 points a yearbottom 6% of its family
the newest year's revenue growth-23.6%bottom 7% of its family
three-year growth of research spending-11.7%bottom 19% of its family
three-year growth of capital spending22.7%top 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.7/10

Did its newest year beat what its own record pointed to?

bottom 47% of 93 in its family for expectations against reality.

weight 22% of this tense · 47th percentile among 93 sector filers · read for its shareholders

From the record

Zhihu Inc.'s newest year against its own record: revenue of CNY 2.7 billion in fiscal 2025 came in 23.6% below the CNY 3.6 billion its prior three years' pace pointed to (bottom 6% of its family); net income of CNY 195 million against a prior three-year average of CNY 862 million (top 38%); a net margin of -7.1% against -22.8% before (top 27%) (its annual reports).

What it rests on

revenue against the prior three years' pace-23.6%bottom 6% of its family
net income against the prior three years' average+77%top 38% of its family
net margin against its prior average+15.7 pointstop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ZH · research, not advice